Goldman Sachs Announces New Members of the Partnership Pool and New Managing Directors

NEW YORK  The Goldman Sachs Group Inc. (NYSE:GS) announced today that it has invited 78 individuals to join the firm's Partnership Pool, and 160 individuals to become Managing Directors, as of November 30, 2002, the start of the firm's fiscal year.

Commenting on the announcement, Henry M. Paulson, Jr., Chairman and Chief Executive Officer, said: "We congratulate our new members of the Partnership Pool and the new Managing Directors, who represent a broad cross-section of the firm's businesses and global presence. Their leadership has contributed to, and will continue to drive, the firm's culture and success."

The Partnership Pool was established at the time of Goldman Sachs' public offering in May 1999 to maintain various core aspects of the firm's partnership culture among its leaders, including teamwork, client focus and a commitment to excellence. Goldman Sachs chooses new Managing Directors annually and new Partnership Pool members biennially.

We are pleased to announce that the following individuals have been invited to join the Partnership Pool as of November 30, 2002, the start of our next fiscal year.

Goldman Sachs is a leading global investment banking and securities firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.